E-wallet limit doubled to Rs 20,000

No service charge will now be levied for use of debit cards till December 31, 2016

GN Bureau | November 23, 2016


#RBI   #scrapped currency   #E-wallet   #Demonetisation   #debit cards  


 The Reserve Bank of India (RBI) on Wednesday doubled the balance that can be kept in prepaid wallets and cards to Rs 20,000. Also, merchants can transfer up to Rs 50,000 per month from these so-called semi-closed prepaid payment instruments to their bank accounts. The relaxation will be applicable until December 30, the RBI said.

 Department of economic affairs secretary Shaktikanta Das told the media that the government decided that no service charge will now be levied for use of debit cards till December 31, 2016 and that the move is meant to ensure greater penetration of digital transaction. These steps have been taken in order to ease the pain of the common man.
 
 Prime minister Narendra Modi had on November 8 announced the government’s decision to demonetise Rs 500 and Rs 1,000 currency notes. 
Das had on Sunday clarified traders who are registered with the Agricultural Produce Market Committee were allowed to withdraw up to Rs 50,000 per week for a smooth procurement process.
 
But the amount of money that an individual can exchange by handing over the old Rs 500 and Rs 1,000 notes in banks has been lowered to Rs 2,000 since last Friday.
 

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